UniSat Suspends CAT20 Market Services As CAT Protocol Undergoes Update
In Brief
UniSat has temporarily paused its CAT20 market services at the request of the CAT protocol and plans to provide updates once it receives further information from the project’s team.
Bitcoin service provider UniSat announced that it has temporarily paused its CAT20 market services following a request from the CAT protocol. The project stated it will continue monitoring the situation and will provide updates once it receives additional information from the CAT protocol team.
CAT, or covenant attested token, is a new UTXO-based token protocol on Bitcoin that utilizes miner validation and smart contracts—specifically covenants—to manage token minting and transfers. Unlike other token protocols on Bitcoin, CAT is enforced solely through Bitcoin Script at Layer 1. The CAT20 standard, which is part of the CAT protocol, supports fungible tokens.
Earlier today, the CAT protocol announced that it is conducting an update aimed at addressing issues and enhancing security. The project assured users that their assets would remain secure during this process and that trading would resume within a few days.
UniSat: Bitcoin-Focused Crypto Wallet
UniSat Wallet is a Bitcoin-focused wallet designed to support users in storing, minting, and transferring BRC-20 tokens, as well as buying and selling BTC, non-fungible tokens (NFTs), domain names, and other assets within the BTC ecosystem.
The wallet offers a variety of services, including token and NFT transactions, token minting, and BRC-20 token information queries. In order to use UniSat, users install the wallet, obtain a wallet address, and transfer BTC from an exchange, similar to the setup process of a standard Web3 wallet.
Recently, UniSat launched the UniSat Runes service on Fractal, allowing users to mint and inscribe Runes. Additionally, the platform has introduced updates to optimize the asset-bridging process, improving transaction speeds while maintaining asset security. The updated process now uses inscribe transfer, which requires a single confirmation and typically takes about ten minutes.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
